Items of jewelry such as rings, earrings and pendants generally comprise an outer body portion adapted to be worn by the wearer. The outer item may include a setting portion which generally secures one or more precious stones or other decorative article for display. The ornamental item is normally fixedly secured to the body portion by, for example, gluing or soldering processes and cannot be easily removed or replaced with other ornamental items. The setting portion usually includes prongs or other means for holding one or more precious stones. However, the conventional holding means usually cover at least a partial area of a facet portion (or even a table portion) of the precious stone. Since the facet portion and the table portion are the most visible parts of the precious stone, it is preferable to limit the holding means from covering the facet portion and the table portion.
In the past, there have been attempts to either limit the facet and table portions of the precious stone from being covered or even remove any obstruction over the facet and table portions caused by the holding means. For example, U.S. Pat. No. 5,437,167 describes a method and apparatus for invisibly setting round precious stones. With this conventional method and apparatus, when the round diamond is placed in the setting (e.g., a barrel of the setting), the facet and table portions of the diamond are unobstructed by the setting, and the round diamond is secured within the setting. The diamond is provided with grooves cut in the diamond's belt portion. The setting includes wedge-shaped tongues projecting inward from walls of the setting. The diamond is secured in the setting by coupling the wedges of the setting with the grooves carved in the diamond. One of the disadvantages of such a method and apparatus is that the diamond must be cut (at least partially) to form the grooves in the belt portion of the diamond. Whenever diamonds are cut to form wedges therein, there exists a possible risk that the diamond may crack, thus a substantial value of the diamond may be lost. The carat weight of the diamond is also decreased when a portion of the diamond is cut to form a wedge, thus also reducing the value of the diamond. Furthermore, when wedges are cut at the belt portion (or any other portion) of the diamond, at least some of the reflective properties of the diamond are reduced, thus additionally reducing the value of the diamond (or another precious stone). One of the objects of the present invention is to provide a setting for precious stones and ornaments and a method for retaining the precious stones and ornaments, without the disadvantages of the conventional methods and settings.